Hello everyone, I am Penny.
According to the latest data, on July 11, at 11 AM Asian time, when the price of Bitcoin soared to a historic high of $118,400, HYPER also surged to around $0.68, increasing by over 100% in the past 24 hours and accumulating over 450% in the past two trading days.
This round of bullish market activity unfolded in an environment of significantly increased trading volume, with daily transaction amounts exceeding $4.1 billion, over 3000% growth compared to previous averages. Meanwhile, the open interest in HYPER futures contracts surged by 147% to a record $186.5 million, indicating growing speculative interest and positions from derivatives traders, expecting further market increases.
The significant price increase is primarily attributed to the listing of HYPER on the KRW trading pairs at Upbit and Bithumb.
Although HYPER was previously listed on Upbit with BTC and USDT trading pairs at the end of May, the early listings only brought a slight increase. However, the new KRW trading pairs seem to have enhanced accessibility and liquidity for Korean investors, leading to an immediate surge in buying activity.
The demand from Korean investors for KRW trading pairs is strong, as evidenced by the fact that most of today's trading volume comes from Upbit, with a trading volume of $2.6 billion. Following closely are Binance and Bithumb, with trading volumes of $384 million and $246 million, respectively.
For beginners, Hyperlane is a permissionless interoperability protocol that provides modular messaging and bridging solutions across Layer 1 chains, Rollup chains, and application-specific chains. It allows developers to freely deploy and configure custom security models and easily build cross-chain applications.
The HYPER token supports the protocol by backing validator staking, protocol governance, and usage incentives.
Overbought Analysis
From a technical perspective, HYPER's price broke through the descending resistance trend line, breaking a downward structure that lasted over three months.
HYPER Daily Chart — July 11
Momentum indicators, including RSI and MACD, are at multi-month highs, indicating strong bullish momentum. Importantly, neither of these indicators has shown bearish divergence, supporting the judgment of continued price increases.
HYPER MACD and RSI Chart — July 11
The next significant resistance level is at the psychological price of $7. If this resistance level is broken, it could pave the way for further price discovery. However, since exchange wallet balances have surged by 34% in the past 24 hours, this price increase may face short-term resistance and could regain strong momentum after a period of consolidation.
I am Penny, a long-term coin holder enthusiast. I don't trade contracts, nor do I use leverage. I earn coins in a bear market and earn USDT in a bull market. If you are also this type of person, then you are welcome to follow Penny.
Let's navigate through the bull and bear markets together, huddling for warmth, and strive to be a somewhat rough leek.
